PHOTO: Last year Chinese developers acquired a third of all residential development sites in Australia. Source: istock
The country is at risk of becoming the “24th province of China” as we fail to “stem the tide” of foreign investors, an expert has warned.
Australia is selling off natural resources, farmland and property to China at a “crazy” rate — putting us at risk of becoming the “24th province” of the East Asian behemoth.
That’s according to real estate expert Doug Driscoll, who warned of the urgent need to start a national conversation about foreign ownership of residential property in particular.
While interest from overseas buyers has decreased in recent years, the Starr Partners chief executive said our overall rate of foreign ownership was still alarmingly high.
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